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Home » Kennametal 1Q Sales Decline 36.4%

Kennametal 1Q Sales Decline 36.4%

By    MDM  Staff 
October 29, 2009
More about:  Industrial
The company recorded a loss of $9.8 million for the quarter.
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Kennametal Inc. (NYSE: KMT), Latrobe, PA, reported sales for its first quarter ended Sept. 30, 2009, were $409.4 million, down 36.4% from the prior year period but up 6% from the preceding quarter. Year-over-year, core sales declined 36%.

The company recorded a loss of $9.8 million for the quarter, compared to profit of $35.5 million a year ago.

Metalworking Solutions & Services Group (MSSG) sales decreased by 43% from the prior year quarter, driven by an organic sales decline of 39% and unfavorable foreign currency effects of 4%. Global industrial production began to show some slight improvement as sales increased sequentially from the June quarter. On a regional basis, Europe and North America reported organic sales declines of 42% and 39%, respectively. Latin America, India and Asia Pacific also experienced year-to-year organic sales declines of 31%, 25% and 39%, respectively. MSSG operating loss was $13 million.

Advanced Materials Solutions Group (AMSG) sales decreased 25% from the prior year quarter, driven by a 30% organic decline and a 2% unfavorable impact from foreign currency effects, partially offset by the favorable impact from a prior year acquisition of 7%. The organic decline was primarily driven by lower sales in the engineered products business, as well as reduced demand for energy related products. AMSG operating income was $23 million.

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